Why Special Dividends Aren't So Special

History shows that the relationship between special dividends and stock returns is flimsy.

There's a "special" dividend spree on, but that's no reason for investors to grab the stocks involved just to collect extra payments. Better to focus on more important factors like valuations and growth prospects while viewing the near-term potential for special dividends as a minor perk.

So far in November, 174 U.S. companies have declared extra dividends beyond their regular payments, according to Standard & Poor's....